Future Consumer CEO Rajnikant Sabnavis resigns
Future Group’s fast-moving consumer goods business Future Consumer has said that its chief executive officer, Rajnikant Sabnavis, has resigned from the post.
Sabnavis was appointed as the CEO of the company in January this year and leaves the firm after a brief stint of less than a year. The company did not give any reasons for his resignation.
Consequently, Sabnavis shall also cease to be key managerial personnel of the company, Future Consumer said in a statement.
Future Consumer has been going through a rough patch and reported a consolidated net loss for the quarter ended September 2020 of Rs 147 crore ($19.8 million), as against a loss of Rs 17 crore in the July-September period last year.
Future Consumer is the FMCG arm of the Future group, which recently sold its retail and wholesale business in a Rs 24,713 crore deal to Reliance Retail.
Future Consumer’s brands include beauty brands, Kara and TS, and personal care brands, Think Skin, and Puretta, among others.
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